From AI hardware distribution to vertical token factory hard egg innovation (00400) anchoring a new inflection point in the commercialization of computing power

The Zhitong Finance App learned that Hard Egg Innovation (00400) issued a voluntary announcement announcing that the group has completed a strategic upgrade: from an artificial intelligence hardware distributor to a vertical AI token factory operator, it has now signed a total of more than 1 billion US dollars of intended service orders, covering the world's first-tier cloud service providers, intelligent enterprises, and AI model manufacturers. The company also disclosed that the group has built a vertical industry token computing power scheduling platform, will adopt a profit model where token computing power is divided, and lay out computing power infrastructure in a “dual track model” between its own computing power clusters and third-party computing power centers at home and abroad.

The weight of this announcement is far more than the number of 10 billion intended orders itself. It also marks that Hard Egg Innovation has officially broken out of the traditional boundaries of the AI hardware supply chain and entered a new circuit of AI computing power scheduling, token measurement, industry customer operations, and continuous service revenue.

The computing power industry has entered a new stage of tokenized operation

Looking back on the evolution of the industry in recent times, the main line of growth on the AI computing power circuit has quietly changed: model training is still the foundation of the industry, but inference and industry applications are becoming a core source of incremental growth. According to the “Token-Driven Intelligent Economy Research Report” released by the China Industrial Internet Research Institute in June, tokens have evolved from a single technical indicator to a new production factor for value measurement, cost accounting, resource scheduling, and ecological collaboration; as of March 2026, China's average daily token call volume has exceeded 140 trillion dollars, an increase of more than a thousand times within two years. The evolution of industry trends clearly echoes the “Token Computing Power Scheduling Platform” and “Token Computing Power Sharing Profit Model” proposed by Hard Egg Innovation in this announcement.

If tokenization is a paradigm upgrade in value measurement, bottlenecks at the bottom of the industry are also migrating simultaneously. The AI infrastructure management platform white paper released by Frost & Sullivan in June suggests that the core contradiction of AI infrastructure is shifting from “whether to own a GPU” to “whether to operate heterogeneous computing power and model services efficiently, stably, and measurably.” This is also the core value of this strategic upgrade of Hard Egg Innovation: the company does not simply increase the procurement of computing power infrastructure, but uses computer room construction, cluster operation and maintenance, customer source routing, and industry token products as a starting point to build an operable, measurable, and divisible computing power service system.

The trend of global capital expenditure also continues to confirm this industry trend. Gartner expects global AI spending to reach $2.52 trillion in 2026, up 44% year over year, with AI infrastructure spending expected to reach $1.37 trillion. Goldman Sachs's recent research report also shows that the capital expenditure of global hyperscale cloud vendors is expected to exceed $760 billion in 2026, and AI demand is still growing faster than the pace of infrastructure construction.

In other words, the shortage of computing power is not over; the industry is moving from the first half of “chip procurement” to the second half of “operating computing power, scheduling computing power, and monetization computing power.”

The capital market value revaluation logic of the second growth curve

Analysts believe that the introduction of a strategic upgrade at the inflection point of the industry, this layout of hard-core innovation has at least three levels of value for the capital market.

First, the business positioning has been upgraded to a higher level. The company's original core advantage is to open up upstream chip technology and downstream innovation needs, and has the resources of the entire industry chain such as GPUs, CPUs, FPGAs, ASICs, memory chips, AI servers, switching network equipment and optical modules. After this strategic upgrade, hardware and supply chain capabilities will be settled into underlying computing power operation capabilities, driving the company to continue expanding to high value-added links in the industrial chain.

Second, the profit model realizes paradigm iteration. The core of traditional hardware distribution business is procurement, delivery, and turnover efficiency, while the token factory model anchors computing power consumption, industry customer calls, and revenue sharing. If subsequent formal contracts are successfully implemented, leading to stable and continuous token consumption, the company's revenue structure will expand from one-time hardware delivery to continuous service revenue, and the stability and predictability of profits will increase significantly.

Third, the vertical scene card slot opens up space for imagination. The announcement clearly mentioned landing scenarios such as humanoid robots and drones. In vertical fields such as embedded intelligence, low-altitude economy, and industrial AI, the demand for large models is not limited to the algorithm itself, but also relies on inference computing power support with low latency, lightweight, and flexible scheduling. If Hard Egg Innovation can deeply collaborate the AI hardware supply chain and cluster operation and maintenance capabilities with industry customer resources, it is expected that the card will be at the core of the “vertical scenario computing power entrance”.

The core value of this announcement is to incorporate hard-egg innovation into the mainstream narrative framework of AI infrastructure commercialization: as the industry moves from model capability contests to token consumption contests, platform-based companies that can connect chip manufacturers, computing power centers, model companies, and vertical scenario customers, making it easier to obtain revaluation in the capital market. This strategic upgrade of Hard Egg Innovation is in the critical window of industrial transformation, releasing a clear signal that the second growth curve is accelerating.

It is worth noting that investors still need to rationally distinguish between industry prospects and the pace of performance delivery. Short-term market sentiment may revolve around strategic positioning upgrades and order size, while the core observation points of medium- to long-term value verification are dimensions such as the progress of formal contract signing, the pace of implementation of computing power nodes, token product pricing systems, and actual customer calls and revenue confirmation methods.